Hindustan Copper: Court Grants Conditional Stay on Arbitration Award

Hindustan Copper Limited (HCL) has received a conditional stay from the Commercial Court, Jabalpur, on an arbitration award previously passed against the company. The stay is contingent upon HCL depositing 50% of the award amount via a bank guarantee and the remaining 50% plus expenses through a bond backed by an asset valuation report. This deposit must be made before the execution court, with the understanding that the funds will be deposited upon the court's direction, failing which properties may be attached and sold. Following the deposit, the court will hear HCL's application under Section 34 of the Arbitration & Conciliation Act, 1996. The matter is currently sub-judice, and no settlement has been reached.